Economy

More than 1.4 million small businesses bank with U.S. Bank, according to the company, and it's now offering help with managing expenses and accepting payments.

The Consumer Financial Protection Bureau said it will not enforce or supervise nonbank financial firms that miss upcoming compliance deadlines for the nonbank registry of repeat offenders.

Federal Reserve Bank of Chicago President Austan Goolsbee said to understand how banks are faring in the current environment of tariff-induced uncertainty, he'll be watching the relationship between credit spreads and equity markets.

Inflation cooled faster than expected last month, giving the Federal Reserve room to ease monetary policy if the economy weakens suddenly. But tariffs and other policy changes still cloud the outlook for monetary policy.

President Trump placed a 90-day pause on most of his sweeping tariff package, but for banks and other financial market participants, the threat of volatility remains.

In a speech at the American Bankers Association Washington Summit Wednesday morning, Treasury Secretary Scott Bessent downplayed economic risks from tariffs, floated capital reforms and urged regulatory relief for community banks.

King, who spent 24 years at M&T Bank and departed with little explanation, will lead Fifth Third's operations in middle market commercial banking and wealth management.

Bankers are growing frustrated as President Donald Trump's trade policy causes turmoil in markets and confusion for clients. But banking trade groups in Washington — at least publicly — are remaining silent.

The sector includes construction companies and others that rely on materials from outside the U.S., which could challenge lending based on future payment flows.

Unemployment remained relatively stable amid declining consumer confidence and an emerging trade war, which have roiled markets.